My newly acquired 301A doesn't have a blemish on it. My 1974 Elna is quite battle worn, but I know what that machine has been asked to sew, so it's understandable. She still sews like a dream, as does the 301. As long as there's no rust, the chips don't bother me.
If the 301 were scarred, I guess I would think it was just well used. Can it be repainted? Yes. Is it worth it? Could be. Lostn51 (Billy) does some fantastic repaints on vintage machines.
Type 'vintage sit' in the search box and ask there.